The Edenred Barometer, conducted by Ipsos among 7,200 European workers, including 800 UK workers, found fewer than one in three (39%) employees were satisfied with their fixed pay and only one in four (30%) were happy with their variable pay.
The research also revealed pay levels were the biggest worry for employees in 2013, outstripping job security and work-life balance.
The research found the UK has the highest number of employees looking at moving jobs in Europe (48%), with one in 10 (12%) actively planning their next move and 36% saying they were considering each opportunity that came up.
Andy Philpott, sales and marketing director of Edenred UK, said: "After five years of economic squeeze, we are now really starting to see the pressure our employees are feeling.
"Employees think they are getting a raw deal when it comes to pay as the cost of living rises.
"This looks set to translate into an exodus of talent as nearly half say they are ready to move jobs right now."
Philpott added: "It is clear as optimism in the UK economy increases that employers need to rethink the way they engage and reward their people if they are to improve employee loyalty and retain the talent they need to sustain their organisations through the economic recovery."
